Key points
- Waihi Underground mining has commenced, three kilometers west of the Davyhurst processing plant
- Waihi is the third underground mine started in three years, contributing to Ora Banda's DRIVE to 300 strategy
- Exceptional drill results from Golden Pole and newly named 'Midnight' Prospect highlight high-grade potential
Full summary
Ora Banda Mining Limited (ASX: OBM) has announced the commencement of underground mining at Waihi, located three kilometers west of the Davyhurst processing plant. This marks the third underground mine started in three years, aligning with the company's DRIVE to 300 strategy targeting production of 300,000 ounces in FY29. Waihi is considered a large and under-drilled system with multiple high-grade shoots, including the Golden Pole lode with an Ore Reserve grade of 5.0 g/t. Recent drilling has defined another potential high-grade prospect named Midnight, with exceptional results including 11.5m @ 26.0 g/t. Waihi is scheduled to contribute high-grade ore from mid CY2027, de-risking the production profile ahead of the delivery of Ora Banda's new 3.0 Mtpa processing plant in early CY2028.